Conflux (CFX) Soars 16%, Bitcoin (BTC) Reclaims $27K (Market Watch)

After sliding to $26,600 on Bitcoin Pizza Day, the cryptocurrency reversed its trajectory and shot up almost a grand.

Altcoins are also in the green, with ETH, MATIC, SHIB, TRX, and AVAX rising around 3% on the day.

BTC Reclaims $27K

The primary cryptocurrency has been stuck in a relatively tight range for the past week, which was also acknowledged by Glassnode yesterday. The analytics resource reported that BTC’s 7-day price range declined to 3.4%, which has happened only a few times in the past three years.

Each time, however, was followed by a massive price move in either direction. Therefore, Glassnode warned that more volatility could be coming soon.

However, so far, the asset has remained in this range. Yesterday was Bitcoin Pizza Day, and BTC fell to the bottom of the $26,600 range. The bulls intervened at this point and pushed it north, taking it to multi-day highs around $27,400.

Despite the failure to continue further, BTC is still trading above $27,000. Its market cap has reached close to $530 billion, while its dominance over alts remains at the same position – 46.4%.

ETH defends $1.8K

Like bitcoin, ETH too saw little or no movement over the past several days but was slowly losing ground. Thus, it was close to breaking below $1,800. However, a 2.5% increase over the past 24-hours has halted such growth, and the second-largest digital asset is currently trading at $1,850.

Similar price jumps are evident from large-cap alts from Polygon, Shiba Inu, Tron and Avalanche. BNB, ADA, DOGE, SOL, LTC, and DOT are also in the green, albeit in a more subdued manner.

The most impressive price increases on a daily scale come from the likes of Conflux (16%), Kava (14%), and Render Token (11%).

Overall, the total crypto market cap has grown by almost $20 billion in a day and stands at $1.140 trillion.